Triple Point Energy - Revolving Credit Facility
30/03/2022 07:00
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RNS Number : 4741G Triple Point Energy Efficiency 30 March 2022
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30 March 2022
Triple Point Energy Efficiency Infrastructure Company plc
("TEEC" or the "Company" or together with its subsidiaries, the "Group")
Revolving Credit Facility
The Board of Directors of Triple Point Energy Efficiency Infrastructure
Company plc (ticker: TEEC) is pleased to announce that the Group, via TEEC
Holdings Ltd, has entered into a loan facility agreement for a £40 million
Revolving Credit Facility ("RCF") with TP Leasing Ltd (the "Facility
Agreement").
The RCF has a two-year term, with the possibility to be extended. The RCF is
priced at the Sterling Overnight Index Average ("SONIA") plus 2.5%, before
hedging costs. It is expected that the pricing will be fixed over the two year
life of the facility.
The Group will make use of the RCF to fund its growing pipeline of
high-quality investment opportunities.
TP Leasing Ltd is an established private credit and asset leasing business
which is managed by the Investment Manager and, as a result, is deemed to be a
related party as defined in the Listing Rules of the Financial Conduct
Authority (the "Listing Rules"). The RCF is deemed to be a "smaller related
party transaction" for the purposes of LR11.1.10R. As set out in the Company's
prospectus dated 25 August 2020 (the "IPO Prospectus"), the Company has
adopted a related party policy pursuant to which, prior to entering into the
Facility Agreement, (i) the RCF was approved by the Directors and (ii) the
Company obtained a fair and reasonable opinion from a qualified, independent
adviser. The Board was satisfied with the conflict management procedures put
in place, including team segregation within the Investment Manager and
obtaining independent third-party pricing validation.
Commenting on the transaction, John Roberts, the Company's Chair, said:
"I am pleased that TEEC has secured appropriate debt finance on favourable
terms. We look forward to updating the market in due course as the Company
executes on its pipeline of attractive investment opportunities."
For further information, please contact:
Triple Point Investment Management LLP 020 7201 8989
Jonathan Parr
Jonathan Hick
Akur Limited (Financial Adviser) 020 7493 3631
Tom Frost
Anthony Richardson
Siobhan Sergeant
RBC Capital Markets (Joint Broker) 020 7653 4000
Matthew Coakes
Jill Li
Kathryn Deegan
Winterflood Securities (Joint broker) 020 3100 0000
Neil Langford
Hande Derinkok
LEI: 213800UDP142E67X9X28
Further information on the Company can be found on its website:
www.tpenergyefficiency.com (http://www.tpenergyefficiency.com) .
NOTES:
The Company is a recently incorporated investment trust which invests
exclusively in a diversified portfolio of Energy Efficiency assets in the UK,
which have a positive environmental impact. The Company's investments will
focus on the core sectors of: low carbon heat distribution; social housing
retrofit and industrial energy efficiency; and distributed generation.
The Investment Manager is Triple Point Investment Management LLP ("Triple
Point") which is authorised and regulated by the Financial Conduct Authority.
Triple Point manages private, institutional and public capital, and has a
proven track record of investment in Energy Efficiency and decentralised
energy projects.
The Company was admitted to trading on the Specialist Fund Segment of the Main
Market of the London Stock Exchange on 19 October 2020 and was awarded the
London Stock Exchange's Green Economy Mark.
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